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Kansas State University
Kansas State University
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The process of starting anew venture, organizing and managing, and assuming the risks.
Why has Entrepreneurship increased in popularity?
- Coop's downsizing
- Small to large business crossover
- More franchising options
- More opportunities for women/minorities
- Better small business survival rates
Entrepreneurship roles: Research Findings
- Keep young businesses going w/little income.
- 99% of US businesses have fewer than 100 employees.
- Most US workers work for small businesses
- Majority of small businesses are owner-operated
Entrepreneurship roles: Job Creation
- 80% of new jobs created by small business
- Small business sectors have added most jobs
- Small business = 38% of high-tech jobs and 96% of exporters
Entrepreneurship roles: Innovation
- Historically, small businesses likely to come from small businesses as large firms.
- Most high-tech creations come from start-ups
Entrepreneurship roles: Importance to large business
- Large manufacturers sell most stuff to small businesses.
- Small business provide large firms with essential stuff.
- Large businesses outsource many routine ops to small businesses.
Steps in writing the business plan
- Description of business
- Marketing plan
- Production/operations plan
- Management plan
- Financial plan
Starting a New Business: Buying an existing business
- Business proves to draw customers/make profit
- Networks already established
- Negative: new owners inherit existing problems
Starting a New Business: Starting from scratch
- Avoids problems associated with previous owners
- Freedom to choose suppliers, equipment, location, and workers.
- Negative: More business risk and uncertainty
Using your won money and money borrowed from friends and relatives to finance the business.
Partnering with established firms such as suppliers in a mutually beneficial relationship.
Obtaining funding from traditional lenders (banks, investors, gov't loans.)
Venture Capital Companies
Groups of small investors who provide capital funds to small high-growth potential start-up firms in exchange for an equity position (stock) in the firms.
Small Business Investment Companies
Investor-owned companies that borrow money from SBA, and in turn, loan it to small business with high growth potential.
Factors causing Entrepreneurial failure:
Managerial incompetence, neglect, weak control systems, insufficient funds.
Factors causing Entrepreneurial success:
Hard work/drive/dedication by the entrepreneur, careful analysis of market conditions, managerial competence, luck.
Human Resource Management
The set of organizational activities directed at attracting, developing, and maintaining an effective work force.
Legal Environment of HRM
- Equal employment opportunity
- Compensation and benefits
- Labor relations
- Health and safety
HRM Legal Env: Equal Employment Opportunity
- Title VII of Civil Rights act (1964)
- Affirmative action
- Age discrimination in employment act
- Pregnancy discrimination act
- Americans with disabilities act
- Civil rights act of 1991
HRM Legal Env: Compensation & Benefits
- Fair labor standards act
- Equal pay act of 1993
- Employee retirement income security act
- Family and medical leave act
HRM Legal Env: Labor Relations
- National Labor Relations act of 1935 (Wagner act)
- Labor Management Relations Act of 1947 (taft-hartley act)
Occupational Safety and Health Act of 1970 (HRM Legal/health)
Provides a place of employment free hazards. Organizations must obey safety and health standards established by Occupational safety and health administration.
1) Assessing current HR
2) Assessing future HR needs
3) Developing program to match resources with needs
Validation: The extent to which a selection device is really predictive of future job performance.
The extent to which contributions made by the individual match the inducements offered by the organization.
Reasons for poor person job-fit
- Selection procedures are imperfect
- People and organizations change
- Individuals are unique
The relatively stable set of psychological and behavioral attributes that distinguish one person from another.
Big Five Personality Traits
- Negative emotionality
Locus of Control
Individual's belief about the extent to which their behavior affects what happens to them (internal/external)
Person's belief about his/her capability to perform a task.
Extent to which an individual believes that power and status differences are appropriate.
Behavior directed at gaining power and controlling the behavior of others.
Extent to which a person believes she/he is a worthwhile individual.
Degree to which an individual is willing to take chances and make risky decisions.
Complexes of beliefs and feelings that people have about specific ideas, situations, or other people.
Attitude that reflects the extent to which an individual is gratified or fulfilled by his/her work.
An attitude that reflects an individuals identification with and attachment to an organiztion.
A tendency to be relatively upbeat and optimistic, have an overall sense of well-being, see things in a positive light, and seem to be in a good mood.
A tendency to be generally downbeat and pessimistic, tend to see things in a negative way, and seem to be in a bad mood.
The set of processes by which an individual becomes aware and interprets information.
When we observe behavior and attribute a cause to it (external or internal).
Consensus (Attribution Theory)
The extent to which others, in the same situation, behave the same.
Consistency (Attribution theory)
The extent to which a person similarly behaves in the same situation.
Distinctiveness (Attribution theory)
The extent to which a person behaves the same in other situations.
Screening out information that causes discomfort or that contradicts our beliefs.
Categorizing or labeling on the bases of a single attribute.
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